Stephens Initiates Coverage on PROCEPT BioRobotics (NASDAQ:PRCT)

Stephens began coverage on shares of PROCEPT BioRobotics (NASDAQ:PRCT - Free Report) in a report published on Wednesday, MarketBeat.com reports. The firm issued an overweight rating and a $70.00 price target on the stock.

PRCT has been the subject of a number of other reports. Oppenheimer began coverage on PROCEPT BioRobotics in a research report on Monday. They issued a "market perform" rating for the company. Bank of America decreased their target price on PROCEPT BioRobotics from $104.00 to $84.00 and set a "buy" rating for the company in a research report on Friday, April 25th. Wall Street Zen upgraded PROCEPT BioRobotics from a "sell" rating to a "hold" rating in a research report on Saturday, May 24th. Finally, Truist Financial decreased their target price on PROCEPT BioRobotics from $90.00 to $70.00 and set a "buy" rating for the company in a research report on Friday, April 11th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, PROCEPT BioRobotics presently has an average rating of "Moderate Buy" and a consensus price target of $87.50.

PROCEPT BioRobotics Trading Up 1.3%

PRCT traded up $0.75 during trading on Wednesday, reaching $59.21. The company had a trading volume of 514,929 shares, compared to its average volume of 846,660. The stock has a market cap of $3.28 billion, a P/E ratio of -34.83 and a beta of 1.07. The business has a 50 day simple moving average of $58.27 and a 200-day simple moving average of $63.08. PROCEPT BioRobotics has a 52 week low of $47.04 and a 52 week high of $103.81. The company has a quick ratio of 7.75, a current ratio of 8.95 and a debt-to-equity ratio of 0.13.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The company reported ($0.45) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.49) by $0.04. The company had revenue of $69.16 million during the quarter, compared to the consensus estimate of $65.39 million. PROCEPT BioRobotics had a negative return on equity of 28.09% and a negative net margin of 36.20%. PROCEPT BioRobotics's revenue was up 55.5% on a year-over-year basis. During the same period last year, the company earned ($0.51) earnings per share. On average, equities analysts anticipate that PROCEPT BioRobotics will post -1.75 EPS for the current fiscal year.

Insider Buying and Selling at PROCEPT BioRobotics

In related news, Director Antal Rohit Desai sold 25,000 shares of PROCEPT BioRobotics stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $61.49, for a total value of $1,537,250.00. Following the completion of the sale, the director directly owned 14,363 shares in the company, valued at $883,180.87. The trade was a 63.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders sold 100,000 shares of company stock valued at $6,271,250 in the last ninety days. Insiders own 6.60% of the company's stock.

Institutional Trading of PROCEPT BioRobotics

Institutional investors and hedge funds have recently made changes to their positions in the company. FMR LLC grew its stake in PROCEPT BioRobotics by 11.9% in the fourth quarter. FMR LLC now owns 8,159,208 shares of the company's stock valued at $656,979,000 after purchasing an additional 866,328 shares during the last quarter. Vanguard Group Inc. grew its stake in PROCEPT BioRobotics by 6.1% in the fourth quarter. Vanguard Group Inc. now owns 5,140,426 shares of the company's stock valued at $413,907,000 after purchasing an additional 297,075 shares during the last quarter. Alliancebernstein L.P. grew its stake in PROCEPT BioRobotics by 22.3% in the first quarter. Alliancebernstein L.P. now owns 2,143,693 shares of the company's stock valued at $124,892,000 after purchasing an additional 391,215 shares during the last quarter. Wellington Management Group LLP grew its stake in PROCEPT BioRobotics by 38.8% in the fourth quarter. Wellington Management Group LLP now owns 1,490,952 shares of the company's stock valued at $120,051,000 after purchasing an additional 416,819 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. grew its stake in PROCEPT BioRobotics by 43.6% in the first quarter. T. Rowe Price Investment Management Inc. now owns 1,415,403 shares of the company's stock valued at $82,462,000 after purchasing an additional 429,461 shares during the last quarter. 89.46% of the stock is currently owned by institutional investors.

About PROCEPT BioRobotics

PROCEPT BioRobotics Corporation, a surgical robotics company, focuses on developing transformative solutions in urology in the United States and internationally. The company develops, manufactures, and sells AquaBeam Robotic System, an image-guided, surgical robotic system for use in minimally invasive urologic surgery with a focus on treating benign prostatic hyperplasia (BPH).